For longer term oil traders it’s been a question of being patient and waiting, as the commodity continued to consolidate in a narrow trading range, following the extended move lower of early October, which saw the price of oil break through the floor of potential resistance in the $88 per barrel region, before moving down to consolidate in the $79 to $83 per barrel region, where it has remained since.
The last few days have been interesting ones for crude oil (USO, quote) traders, with the commodity mirroring the volatile price action and associated volume profiles of related markets, and suggesting in turn, that we may be approaching a pause, and possible bottom to the current bearish trend.
Brent crude oil (BNO, quote) remained below $89 on Tuesday as a global supply glut continued to weight on prices.
Brent crude oil (BNO, quote) nearly fell below $94 on Thursday morning as investors continued to worry about growing supplies and a waning global economy.
Brent crude oil (BNO, quote) remained below $97 on Thursday as the growing supply glut continued to outweigh concerns about the conflict in the Middle East.
Brent crude oil (BNO, quote) was steady above $107 as investors kept an eye on global instabilities, but relaxed their worries about a supply interruptions as the market appears to have a glut of crude.
Brent crude oil (BNO, quote) was steady just below $114 as worries about a supply interruption in Iraq faded. The commodity traded at $113.78 at 8:50 GMT as investors evaluated whether or not the Middle Eastern nation’s ongoing conflict would escalate further and tighten global supplies.
Brent crude oil (BNO, quote) prices climbed as problems in Libya continued and US crude inventory data showed that the nation’s stocks fell last week.
Easing geopolitical tension coupled with worrisome economic figures pushed Brent crude oil (BNO, quote) to a near five month low on Tuesday.
2013 Energy Outlook – Despite the relatively sideways trading range and declining volatility that the last few months of 2012 has brought the oil markets, underlying developments have remained fairly dynamic. The November election in the U.S. and change of power in China
